$CVRX
CVRx, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009381 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $9.500M $7.979M
YoY Change 88.83% 95.76%
Cost Of Revenue $1.517M $1.328M
YoY Change 26.31% 39.94%
Gross Profit $7.983M $6.651M
YoY Change 108.43% 112.7%
Gross Profit Margin 84.03% 83.36%
Selling, General & Admin $16.45M $15.40M
YoY Change 31.76% 42.87%
% of Gross Profit 206.13% 231.5%
Research & Development $3.280M $3.416M
YoY Change 39.28% 51.28%
% of Gross Profit 41.09% 51.36%
Depreciation & Amortization $127.0K $129.0K
YoY Change 33.68% 108.06%
% of Gross Profit 1.59% 1.94%
Operating Expenses $19.74M $18.81M
YoY Change 32.95% 44.33%
Operating Profit -$11.75M -$12.16M
YoY Change 6.7% 22.75%
Interest Expense -$481.0K $240.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $616.0K $1.062M
YoY Change -1911.76% -1963.16%
Pretax Income -$11.62M -$11.34M
YoY Change 5.15% 13.8%
Income Tax $34.00K $34.00K
% Of Pretax Income
Net Earnings -$11.65M -$11.37M
YoY Change 5.24% 13.84%
Net Earnings / Revenue -122.64% -142.55%
Basic Earnings Per Share -$0.56 -$0.55
Diluted Earnings Per Share -$0.56 -$0.55
COMMON SHARES
Basic Shares Outstanding 20.71M 20.69M
Diluted Shares Outstanding 20.71M 20.69M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.82M $103.3M
YoY Change -25.16% -21.27%
Cash & Equivalents $90.82M $103.3M
Short-Term Investments
Other Short-Term Assets $3.543M $2.631M
YoY Change 206.75% 25.89%
Inventory $10.93M $8.241M
Prepaid Expenses
Receivables $6.726M $6.434M
Other Receivables $0.00 $0.00
Total Short-Term Assets $112.0M $120.6M
YoY Change -15.1% -15.2%
LONG-TERM ASSETS
Property, Plant & Equipment $2.934M $1.805M
YoY Change 82.24% 9.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.00K $27.00K
YoY Change 3.85% 3.85%
Total Long-Term Assets $2.961M $2.109M
YoY Change 40.93% -4.31%
TOTAL ASSETS
Total Short-Term Assets $112.0M $120.6M
Total Long-Term Assets $2.961M $2.109M
Total Assets $115.0M $122.7M
YoY Change -14.22% -15.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.933M $1.996M
YoY Change 382.4% 24.21%
Accrued Expenses $5.992M $5.961M
YoY Change 13.04% 19.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.925M $7.957M
YoY Change 51.04% 20.71%
LONG-TERM LIABILITIES
Long-Term Debt $14.25M $14.22M
YoY Change
Other Long-Term Liabilities $1.831M $815.0K
YoY Change 150.14% 15.44%
Total Long-Term Liabilities $16.08M $15.03M
YoY Change 2097.27% 2029.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.925M $7.957M
Total Long-Term Liabilities $16.08M $15.03M
Total Liabilities $25.01M $23.05M
YoY Change 262.92% 203.2%
SHAREHOLDERS EQUITY
Retained Earnings -$459.2M -$447.6M
YoY Change 10.44% 10.58%
Common Stock $549.4M $547.4M
YoY Change 1.14% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $89.96M $99.64M
YoY Change
Total Liabilities & Shareholders Equity $115.0M $122.7M
YoY Change -14.22% -15.04%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.65M -$11.37M
YoY Change 5.24% 13.84%
Depreciation, Depletion And Amortization $127.0K $129.0K
YoY Change 33.68% 108.06%
Cash From Operating Activities -$12.81M -$10.25M
YoY Change 26.86% -3.71%
INVESTING ACTIVITIES
Capital Expenditures $143.0K $240.0K
YoY Change -391.84% -18.09%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$143.0K -$240.0K
YoY Change 191.84% -18.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 473.0K 7.568M
YoY Change 47.35% 15666.67%
NET CHANGE
Cash From Operating Activities -12.81M -10.25M
Cash From Investing Activities -143.0K -240.0K
Cash From Financing Activities 473.0K 7.568M
Net Change In Cash -12.48M -2.918M
YoY Change 27.02% -73.22%
FREE CASH FLOW
Cash From Operating Activities -$12.81M -$10.25M
Capital Expenditures $143.0K $240.0K
Free Cash Flow -$12.95M -$10.49M
YoY Change 28.9% -4.1%

Facts In Submission

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of estimates</b></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.</p>
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
3037000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2390000
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
519000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1033000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4685000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3534000
CY2023Q1 us-gaap Inventory Net
InventoryNet
8241000
CY2022Q4 us-gaap Inventory Net
InventoryNet
6957000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
10000000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4200000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3978000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2395000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2280000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1805000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1698000
CY2023Q1 us-gaap Depreciation
Depreciation
129000
CY2022Q1 us-gaap Depreciation
Depreciation
62000
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1813000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2303000
CY2023Q1 cvrx Clinical Trial And Other Professional Fees
ClinicalTrialAndOtherProfessionalFees
1384000
CY2022Q4 cvrx Clinical Trial And Other Professional Fees
ClinicalTrialAndOtherProfessionalFees
1733000
CY2023Q1 cvrx Accrued Paid Time Off
AccruedPaidTimeOff
1112000
CY2022Q4 cvrx Accrued Paid Time Off
AccruedPaidTimeOff
960000
CY2023Q1 cvrx Accrued Liabilities Customer Rebate Current
AccruedLiabilitiesCustomerRebateCurrent
334000
CY2022Q4 cvrx Accrued Liabilities Customer Rebate Current
AccruedLiabilitiesCustomerRebateCurrent
256000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
227000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
222000
CY2023Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
114000
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
120000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
977000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
775000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5961000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6369000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
5000000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
782000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14218000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
277000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
334000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
227000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
222000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
59000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
117000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
286000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
339000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
177000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
119000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
296000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
286000
CY2023Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y3M18D
CY2023Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.050
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3756835
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.28
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
36616000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
847479
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.92
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
132505
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.55
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
45204
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.83
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4426605
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.44
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10105000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1877891
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.74
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7846000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1705000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
793000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1705000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
793000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
15100000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-11374000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-9991000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20693224
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20453341
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5142736
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4007090
CY2023Q1 us-gaap Contractual Obligation
ContractualObligation
0
CY2022Q4 us-gaap Contractual Obligation
ContractualObligation
0
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7979000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4076000

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